PARKEN Sport & Entertainment A/S (PARKEN.CO)

Deep Dive Research Report

As of May 19, 2026

1. What the Company Does

PARKEN Sport & Entertainment A/S is a Danish holding company that owns F.C. Copenhagen - the country's most successful football club - alongside Lalandia, Scandinavia's most visited indoor holiday resort chain, and a portfolio of office properties surrounding the Parken national stadium in Copenhagen. The company exists because a football club, an indoor waterpark business, and a landlord happen to share a parent, and that parent happens to own Denmark's national stadium.

The founding logic is rooted in the stadium itself. PARKEN A/S was established on April 1, 1991 specifically to build and operate the Parken national stadium in Copenhagen's Østerbro district. F.C. Copenhagen, formed in 1992 from a merger of two historic Copenhagen clubs - KB and B1903 - became the main tenant. Over time the parent entity diversified: it bought Lalandia in 1988 (which predates FCK itself), acquired fitness chain Fitness DK in 2006 before selling it in 2018, and built out an office property portfolio in the towers flanking the stadium complex.

What ties these together is not obvious operational synergy but rather a shared cash flow and balance sheet managed by a small group of long-standing majority shareholders. The company is family-office-like in structure: Erik Skjærbæk (Es-Parken ApS) holds 29.8%, Lars Seier Christensen (Seier Capital Denmark) holds 22.55%, and Karl Peter Korsgaard Sørensen (KPS Invest A/S) holds 20.54%. Together they control roughly 73% of the vote. The float is thin. The decisions are concentrated.

The core value proposition differs by segment. For Lalandia, it is selling all-weather, year-round holiday escapes to Danish and Scandinavian families who do not want to depend on the Danish summer. Every stay includes unlimited access to the indoor Aquadome waterpark, meaning no incremental friction to enjoying the centrepiece attraction. For FCK, the proposition is competitive Danish football amplified by European competition - the club's participation in UEFA's highest-paying tournaments is the swing factor that makes or breaks the group's annual financials. For the office properties, it is simply leasing floor space in a landmark Copenhagen location.

The technical nature of what PARKEN does is worth stating plainly. Running Lalandia requires managing land that can only be used for this purpose under special Danish coastal zone legislation - the Søndervig site in particular exists because of a time-limited legal window that could not be replicated today. Running a Champions League-calibre football club in a market of five million people requires continuous player trading excellence, UEFA coefficient management over multiple years, and the ability to sustain a competitive squad at a fraction of the budget of peer clubs. The value is embedded in the land rights, the UEFA coefficients accumulated over two decades, and the operational infrastructure that took 30 years to build.

A concrete example: when FCK qualified for the 2025-26 UEFA Champions League league phase in August 2025, management upgraded its full-year revenue guidance by 200-250 million DKK in a single announcement. This was not a product launch. It was a sporting result on a Wednesday night that immediately translated into a higher-valued TV rights pool, guaranteed gate receipts from seven additional home European matches, and prize money disbursements through year-end. Chairman Henrik Møgelmose captured it clearly: "F.C. København qualified for Champions League League Phase for the third time in four years."

2. Business Segments

2.1 F.C. København and PARKEN Venues

F.C. Copenhagen is Denmark's most decorated football club with 16 Superliga titles and 10 Danish Cup victories - both national records. The club plays its home matches at Parken Stadium, which has a capacity of approximately 38,000. Beyond domestic football, FCK has built an unusually durable record of UEFA competition participation for a club from a market of five million, reaching the Champions League group stage or league phase multiple times in recent years.

The revenue mechanics of this segment are layered. First, there is the domestic operation: ticket sales, sponsorships, merchandise, broadcast rights from Danish television, and the club's 46-year naming rights deal with naming partner 3 (formerly Telia). Second, there is UEFA prize money and market pool distributions, which are highly variable. Participation in the Champions League league phase in 2025-26 generated roughly €40-50 million (approximately 300-375 million DKK) from entry fees, performance bonuses, and market pool allocations. The same club, in a Conference League year, might earn a quarter of that sum. Third, there is player trading - the sale of players is treated as "transfer activities" and sits separately in the P&L. In FY2024, FCK sold goalkeeper Kamil Grabara to Wolfsburg for €13.5 million and forward Orri Óskarsson to Real Sociedad for €20 million - these are meaningful profit contributions.

PARKEN Venues sits inside the same segment from an operational standpoint. The stadium hosts concerts, national team fixtures, and corporate conferences. In normal years, six to eight major concerts at Parken generate meaningful revenue from venue hire and catering. In H1 2025, only one concert was hosted versus six in H1 2024 - this single difference materially worsened the half-year result. The concert business is therefore lumpy and dependent on artist tour routing through Copenhagen.

The core capability of this segment is what the club has built in scouting, player development, and UEFA coefficient management. FCK has consistently found players - predominantly from Scandinavia, Africa, and South America - who can perform at European level and be sold at a profit. Victor Froholdt went to Porto for €20 million in the 2025-26 window; Roony Bardghji went to Barcelona for €2.5 million (below market value but to a club that improves his career trajectory). This is not exceptional by Premier League standards but is extraordinary for a Nordic club.

The 2025-26 season revealed the fragility of the sporting model. FCK finished 7th in the regular Superliga season under coach Jacob Neestrup, who was subsequently dismissed. Bo Svensson - a Dane who built his coaching reputation at Mainz 05 and Union Berlin in the Bundesliga - was appointed on a five-year contract from March 30, 2026. FCK recovered enough in the relegation playoff rounds to secure European play-off qualification, but losing the DBU Pokalen final to FC Midtjylland on May 14, 2026 eliminated their path to Europa League participation in 2026-27. They will now compete in the Conference League - the lowest and least remunerative of the three UEFA club competitions.

2.2 Lalandia

Lalandia is PARKEN's most stable and arguably most interesting asset. It operates three large-scale indoor holiday resort centres in Denmark: Rødby (the original, established 1988), Billund (opened 2009), and Søndervig (opened 2022). Each resort combines a large indoor Aquadome waterpark, a range of food and beverage outlets, entertainment facilities, and a surrounding village of self-catering holiday homes. In 2025, the three centres recorded just over 2.1 million overnight stays - a new record, exceeding the prior record year (2024) by 30,000 nights.

The Aquadome in Billund is Scandinavia's largest indoor waterpark at 10,000 square metres, featuring the 102-metre Twister slide and a multi-slide Octopus Racers structure. Rødby's Aquadome covers 7,400 square metres with a wave pool and river system. The facilities are entirely indoors and heated year-round, meaning that Danish weather - reliably unreliable - does not affect the visit experience. This is the structural moat: guests know exactly what they are buying, and delivery does not depend on conditions outside management's control.

The holiday home model generates revenue in two ways. Many homes are sold to private buyers who purchase them as investment properties, with PARKEN managing the rental pool and collecting a commission on each let. PARKEN also owns a proportion of the units itself. Both streams benefit from expansion: the Søndervig Strandbyen development added 141 new holiday apartments, all of which were sold to private owners by 2025. First occupancy for rental began spring 2026. Additionally, Lalandia Søndervig opened the Beach Bowl activity centre in late 2025 - a 2,000 square metre facility with bowling, padel courts, fitness, and dining. Billund received a new 1,000 square metre Kids Area inside its Aquadome in 2025.

The composition of Lalandia's guest base shifted in H1 2025 in a way management flagged explicitly. German visitors increased as a proportion of guests. The observation was that German guests spend less on ancillary revenues (dining, activities, retail) than Danish and Norwegian guests, dragging down per-guest spend even as occupancy held up. This is a structural commercial issue that management has not yet described a plan to address.

Søndervig is growing fastest but Billund earns the most. The Billund location benefits from its proximity to LEGOLAND - five minutes' drive - which makes it one of Denmark's most visited destination combinations. Families planning a LEGOLAND trip increasingly combine it with a Lalandia stay, extending dwell time in the area.

The strategic logic for continued expansion at Lalandia is compelling: the assets are in legally protected locations that cannot be replicated, the indoor model removes weather dependency, and the holiday home sales effectively allow private capital to fund capacity additions while PARKEN retains the ongoing management income.

2.3 Kontorejendomme (Office Properties)

This is the smallest and most stable segment. PARKEN owns four office buildings in the immediate vicinity of Parken Stadium - the complex known historically as Telia Park. The properties are leased to commercial tenants and generate predictable rental income. In late 2021, the company booked the value of its stadium properties and buildings at approximately 1.9 billion DKK, signalling that this is a significant balance sheet asset even if it contributes only around 5% of group revenue. The segment acts as a cash-flow stabiliser: it is unaffected by sporting results or weather, and its leases are typically multi-year.

3. Products and Business Detail

Football and Stadium Operations. FCK's core product is competitive domestic and European football. The club fields a men's first team in the Superliga (26 of 32 seasons as champions), a women's team (promoted to B-League in 2025 after 15 months undefeated), and several youth academies that feed into the first team and the transfer market. The stadium product extends to Denmark's national team matches hosted at Parken - an exclusive and recurring arrangement that brings sold-out fixtures including the Portugal national team visit in Q1 2025. The concert venue business uses the same infrastructure during football-free windows, typically in the summer months when the stadium pitch is in low-demand.

Player Trading. The club systematically buys, develops, and sells players at a profit. The profile: buy from Nordic leagues, smaller European leagues, African markets; develop under UEFA competition intensity; sell to mid-tier European clubs within three to five years. The 2024 summer window demonstrated this well - the sales of Óskarsson (Real Sociedad, €20M) and Grabara (Wolfsburg, €13.5M) turned what would have been a quiet revenue year into a profitable one. New arrivals included Youssoufa Moukoko (Borussia Dortmund, €5M) and Dominik Kotarski (PAOK, €5M) in 2025-26, continuing the pattern of buying recognised but underperforming players for strategic repositioning.

Lalandia Holiday Homes. The product offering across three centres spans Classic, Comfort, Nordic, Premium, Beach, and Active home categories accommodating 3-8 guests. All-inclusive park access (Aquadome, Monky Tonky Land, children's entertainment, final cleaning) is bundled with every stay. The Søndervig Strandbyen project added beach-adjacent apartments at Denmark's North Sea coast - a distinct proposition from the inland Billund and the Lolland coastal Rødby.

FC Rosengård 1917 (Men's). In 2025, PARKEN and Swedish partner Danir announced co-investment in FC Rosengård 1917's men's first team, which plays in Sweden's third tier (Ettan Södra). The structure gives the joint holding company 49% of the votes (51% stays with the association per Swedish rules). The stated goal is talent development and commercial growth. This is a small bet on a talent pipeline from Sweden.

4. Customers

Lalandia customers are predominantly families with young children from Denmark, Norway, Sweden, and increasingly Germany. The typical booking is a self-catering holiday of 3-7 nights, usually during school holidays, combining accommodation with unlimited Aquadome access. Booking decisions are made by parents, often repeat customers - Lalandia's format creates strong revisit behaviour because the Aquadome experience scales with children's ages. German visitor growth suggests that Lalandia is becoming a meaningful cross-border destination from northern Germany, where the distance to Rødby (accessed via the Fehmarn Belt or Rødby-Puttgarden ferry) is under two hours from Hamburg.

Holiday home buyers are Danish investors seeking a combination of personal use and rental yield. With all 141 Søndervig apartments sold before completion, demand clearly exceeds supply. PARKEN captures an ongoing management fee from the rental pool regardless of ownership.

FCK customers are Copenhagen's football fan base (season tickets, matchday), sponsors seeking association with Denmark's most visible club, and European broadcasters who pay into the UEFA revenue distribution pool based on market size.

PARKEN Venues concert customers are promoters and talent agencies routing pan-European tours through Scandinavia. Copenhagen is a natural stop on Nordic tours, and Parken's 38,000-capacity outdoor/indoor hybrid configuration is the largest venue in Denmark for live events.

Office tenants are commercial businesses seeking central Copenhagen office space in a landmark location. Lease terms are multi-year.

Switching costs vary significantly. A Lalandia guest can easily switch to a different holiday destination next year - there is no contractual lock-in. But the quality-and-familiarity combination does create behavioural stickiness. FCK's fan base is loyal but attendance can fall if the team consistently underperforms. European participation is what transforms an attendance and broadcast story into a revenue story: without UEFA prize money, the football segment's economics are materially weaker.

5. Competitive Landscape

F.C. Copenhagen

Within Denmark, FCK's primary rivals are FC Midtjylland and Brøndby IF. Midtjylland, backed by a data-driven ownership model, has successfully challenged FCK's domestic dominance and defeated FCK in the 2025-26 Danish Cup final. Brøndby, based in suburban Copenhagen, is FCK's historic crosstown rival and a perennial top-four club. FC Nordsjælland runs a distinctive African talent pipeline model and punches above its budget.

The structural barrier to challenging FCK at the top of Danish football is the UEFA coefficient advantage. FCK has qualified for the Champions League league phase three times in four years. Each CL season builds coefficient points, which raises seeding in future UEFA qualifying rounds, which increases the probability of reaching the group/league phase again. This self-reinforcing loop has taken two decades to build and cannot be quickly replicated by domestic rivals.

In European competition, FCK competes against clubs with 5-20 times its budget in the qualifying rounds and in the tournament itself. The strategy is not to compete financially but to out-develop, out-scout, and out-sell. The 2025-26 CL season showed FCK's ceiling: finishing 31st of 36 in the league phase is creditable for a Danish club but not sufficient to advance to the knockout rounds.

Lalandia

The direct competitive reference is Center Parcs, the European leader in short-break forest and coastal holiday villages. Center Parcs is actively building its first Danish resort at Nordborg near the Baltic Sea. When this opens, it will represent the first direct competition for Lalandia from a financially powerful multi-national operator.

Landal GreenParks operates holiday home villages across the Netherlands and Belgium with a European footprint. DanCenter is a major Danish holiday cottage agency that aggregates a large portfolio of private lets. Neither provides the integrated resort experience (large waterpark + accommodation) that is Lalandia's defining feature.

The barriers protecting Lalandia are: (a) the coastal zone legislation that restricts new resort construction in Denmark's protected coastal areas - the Søndervig site exists under a now-expired permitting window; (b) the scale of the existing Aquadome investments (10,000 sq metres at Billund took years of capital and permitting to build); (c) the brand recognition of 37 years of operation in the Danish market. Center Parcs entering with a forest-based resort (Nordborg is inland on Als island) does not directly overlap with the beach and Aquadome proposition, though it will compete for the same family short-break wallet.

6. Industry

Football economics. The structural force reshaping European football economics is the escalation of UEFA prize money pools. The Champions League's move from the group stage format to the 36-team league phase in 2024-25 increased the total prize pool and gave more clubs access to guaranteed revenue. For a club like FCK, qualification alone earns approximately €18.6 million in entry fees, before any match performance or market pool distributions. This is the largest single economic event that can happen to PARKEN in any given year. The Conference League, by contrast, pays entry fees of roughly €3 million - a 6x difference at the starting line.

The Danish Superliga has 14 clubs in the top flight. The league does not generate broadcast revenues comparable to England, Germany, or Spain, meaning clubs are heavily dependent on either European competition or player trading to achieve sustainable economics.

Leisure resort industry. The short-break holiday market in Denmark and Scandinavia is large and growing. The post-pandemic emphasis on domestic travel benefited Lalandia directly - Danish families rediscovered the proposition during 2020-2022 and returning visit rates appear to have held. The German market is an additional demand pool: northern Germans within driving distance of Denmark's west coast and Jutland represent several million potential visitors who have historically used Danish summer cottages (sommerhuse) and who are now being introduced to the resort proposition. Lalandia's 2.1 million overnight stays across three sites compares favourably with Danish tourist statistics showing holiday cottage stays as one of the largest accommodation segments in the country.

Office real estate. The Copenhagen commercial property market has experienced post-pandemic adjustment but remains one of Scandinavia's most liquid. Parken's properties in Østerbro (central Copenhagen) are competitively positioned but represent a small niche of the overall market.

Seasonality. PARKEN's financials are deeply seasonal. The first half of the year is almost always loss-making at the pre-tax level: Lalandia's school-holiday peak months are summer (July-August) and autumn half-terms; FCK's European match revenue flows through the UEFA group/league phase from September to January; stadium concerts are predominantly summer events. Q1 is structurally the worst quarter - management expects and guides for this.

Regulation. Danish coastal zone law (strandbeskyttelseszonen) restricts construction within 300 metres of the coast. Lalandia Søndervig was built under a special dispensation that no longer exists. This is a regulatory moat: the sites cannot be replicated.

7. Growth Triggers

Note: PARKEN does not hold traditional earnings call conferences. The four "interim reports" used as equivalents are: Q1 2025 (released May 22, 2025), H1 2025 (released August 25, 2025), Q3 2025 (released November 26, 2025), and the FY2025 Annual Report (released March 13, 2026). All management statements below are sourced from these reports and accompanying company announcements.

• Lalandia Søndervig rental income ramp. All 141 new Strandbyen apartments were sold by end-2025 and first rental occupancy began spring 2026. As these units enter the rental pool, PARKEN collects management fees on previously unmonetised capacity. (Q3 2025 report, November 26, 2025)

• Lalandia Beach Bowl activity centre, Søndervig. The 2,000 square metre facility opened late 2025, adding bowling, padel, fitness, and dining to the Søndervig resort. This increases per-guest ancillary spend opportunity, particularly relevant given management's observation that the growing German guest base has lower ancillary spend than Nordic guests. (Q3 2025 report, November 26, 2025; FY2025 Annual Report, March 2026)

• Lalandia Billund Aquadome Kids Area expansion. A new 1,000 square metre section for families with smaller children opened in 2025. Management attributed part of the record overnight stay growth to expanded family-with-toddler capacity at Billund. (FY2025 Annual Report, March 2026)

"Rekordmange solgte overnatninger og generelt god belægning i Lalandia" ("Record number of sold overnight stays and generally good occupancy in Lalandia") - Q3 2025 report, November 26, 2025

• UEFA competition participation for 2026-27. PARKEN's 2026 guidance (post-cup-loss) now assumes Conference League participation. FCK's European coefficient remains strong. Any upgrade to Europa League participation - possible if FCK wins the Superliga or a cup route opens - would significantly increase this guidance range. Management has flagged this contingency explicitly. (Company announcement, May 14, 2026)

• FCK women's team B-League promotion. FCK's women's team was promoted to the B-League (second tier of Swedish/Nordic women's competition) after 15 months undefeated. This creates potential for future European women's club competition revenue. (FY2025 Annual Report, March 2026)

• FC Rosengård 1917 co-investment, talent development. PARKEN and Danir's joint acquisition of a stake in FCK's men's team creates a potential feeder club structure. FCK stated the goal as talent development "with the ambition to lift FC Rosengård 1917's men's first team to the highest possible level." The financial impact will be long-dated. (FY2025 Annual Report, March 2026)

• FCK merchandise growth. Merchandise sales increased over 42% year-on-year in 2025, according to management's FY2025 commentary. Chairman Møgelmose cited this as a sign of strengthening commercial brand. (FY2025 Annual Report, March 2026)

8. Key Risks

European competition dependency - the dominant risk. PARKEN's entire financial story for any given year is determined largely by which UEFA tournament FCK plays in. The distance in prize money between Champions League, Europa League, and Conference League is enormous: roughly €40-50 million for CL, around €8-15 million for EL, and approximately €3-6 million for ECL. A single sporting result - FCK losing the Danish Cup final on May 14, 2026 - reduced the midpoint of 2026 pre-tax profit guidance by approximately 100 million DKK. Management acknowledges this: all formal guidance from 2023 onwards has been explicitly conditioned on specific European qualification outcomes. The mechanism is transparent, which is honest, but the business is effectively unhedgeable on this dimension.

Sporting underperformance at FCK. The 2025-26 season exposed FCK's vulnerability. Under Neestrup, the club finished 7th in the regular Superliga season - deeply inconsistent with its European ambitions. The club was saved by superior form in the relegation playoff rounds and will contest European play-offs to determine 2026-27 competition entry. Bo Svensson, signed on a five-year contract, needs time to rebuild team cohesion. If FCK fails to re-qualify for even Conference League, the financial consequences would be severe: 2026 guidance would need further downward revision beyond the current 75-125 million DKK midpoint range.

Center Parcs entering Denmark. Center Parcs - owned by Brookfield and with a history of transforming the European short-break market - is building its first Danish resort at Nordborg on the Baltic Sea. Center Parcs has decades of experience, significant capital, and a proven format. Its entry does not directly replicate Lalandia's proposition (forest vs. coastal/Aquadome) but it targets the same Danish family short-break budget. If Center Parcs's Danish debut is successful, it may incentivise further European expansion into markets where Lalandia operates.

German guest mix diluting ancillary revenue. Management disclosed in H1 2025 that a shift toward more German visitors "slightly declined ancillary revenue due to altered guest composition." The mechanism: German guests, often on their first or second visit, are more price-conscious on food, retail, and activities than repeat Danish and Norwegian guests who know the resort and trust the quality. If German visitor share continues to grow faster than Nordic, per-stay revenue could stagnate even as occupancy improves.

Ownership concentration and low float. Three shareholders control 73% of the company. This creates several risks: limited secondary market liquidity for investors, the possibility that major shareholders' preferences could override minority interests on capital allocation decisions, and the risk of an estate or forced sale situation at one of the three major blocks. There is no poison pill - a motivated acquirer who could consolidate two of the three blocks would control the company.

Dividend cut signalling. The proposed dividend for 2026 is 3 DKK per share, a 70% reduction from 10 DKK paid in each of the three prior years. At face value, this suggests management expects the underlying earnings power of the business in 2026 to be significantly below the 2023-2025 period. The cut is consistent with a 75-125 million DKK pre-tax profit guidance (vs. 280-430 million DKK in recent years), but it also raises a question: was 10 DKK per share sustainable, or was it anchored to CL/EL years?

Lalandia capex cycle not yet complete. The Søndervig expansion required significant capital expenditure in 2024 and 2025. Management invested over 260 million DKK across player acquisitions and stadium improvements in 2025 alone. While the Søndervig units are sold, if rental take-up is slower than projected, PARKEN will have deployed capital that takes longer to earn back than modelled.

9. Walk the Talk

The four reporting periods used: Q1 2025 (May 22, 2025), H1 2025 (August 25, 2025), Q3 2025 (November 26, 2025), and FY2025 Annual Report (March 13, 2026). Q1 2026 is due May 27, 2026 and not yet published.

The pattern of guidance management at PARKEN is shaped by one structural reality: the company cannot know in February whether FCK will qualify for the Champions League in August. This means initial annual guidance is almost always set conservatively, anchored to the non-CL base case.

When PARKEN issued its initial 2025 guidance in February 2025, it projected revenue of 1,600-1,700 million DKK and pre-tax profit of 100-150 million DKK. This guidance reflected a year with no CL participation expected (FCK was in the Conference League for 2024-25) and investment spending at Lalandia Søndervig compressing near-term profits.

At Q1 2025 (May), management had a deeply negative quarter: pre-tax loss of -73.9 million DKK against -33.9 million the year before. Easter timing hurt Lalandia badly - the holiday fell in April 2025 versus March 2024. Transfer losses widened. Management maintained the 1,600-1,700 million / 100-150 million guidance without flinching.

"For koncernen forventes en omsætning i niveauet 1.600 til 1.700 mio. kr. og et resultat før skat på 100 til 150 mio. kr." - Q1 2025 report, May 22, 2025

At H1 2025 (August), results were again weak: pre-tax loss of -91.8 million for the half versus a profit of 38.8 million in H1 2024. The reasons were explicit - only one concert at Parken versus six in H1 2024, rising personnel costs, and the German guest mix effect at Lalandia. Management maintained the same guidance again.

Then on August 27, 2025 - two days after the H1 report - FCK qualified for the Champions League league phase and management immediately upgraded guidance to 1,800-1,900 million / 240-290 million. This was not management being caught flat-footed; it was management accurately running a base case that excluded an uncertain sporting event and then updating promptly when the event occurred.

By Q3 2025 (November), with CL revenues flowing, group revenue for the first nine months had reached 1,257.2 million DKK (versus 1,061.9 million the year before). Management maintained the raised 1,800-1,900 million guidance.

The FY2025 outcome was 1,884.6 million DKK in revenue and 279.9 million DKK in pre-tax profit - squarely within the guided ranges. FCK also delivered on the sporting side, winning a record-extending 16th Superliga title and 10th Danish Cup - the historic double.

"The year's revenue and result before tax corresponded to the latest communicated expectations" - FY2025 Annual Report, March 2026

For 2026, management set initial guidance on February 6, 2026 at 1,700-1,800 million / 160-210 million - explicitly contingent on FCK qualifying for Europa League. When FCK lost the cup final on May 14, 2026, management downgraded the same day to 1,600-1,700 million / 75-125 million, now contingent on Conference League.

Assessment: PARKEN's management communicates honestly and delivers within stated ranges. The guidance is always conditional and management flags the conditions clearly. What they cannot do is smooth the lumpiness - a 100 million DKK pre-tax swing from one cup final loss is simply the nature of this business. The credibility issue is not whether they miss guidance; it is whether investors fully understand the sporting leverage embedded in every forecast.

There is one soft concern: the FY2024 result (revenue 1,425 million, pre-tax 308.4 million) was described by the board as "satisfactory" despite a 16% revenue decline from 2023. That framing is defensible (they met their own guidance) but somewhat convenient - it did not acknowledge the structural dependency that makes year-on-year comparisons almost meaningless without matching the European competition context.

10. Shareholder Friendliness Index

Dividends have been paid consistently since the company returned to profitability, but the level has been highly variable. For FY2022, no dividend was paid. For each of FY2023, FY2024, and FY2025 (paid in April 2023, 2024, and 2025), the company distributed 10.00 DKK per share. For FY2025 (paid April 2026), the board proposed a sharp reduction to 3.00 DKK per share - a 70% cut. The reason is straightforward: with 2026 guidance at a pre-tax midpoint of roughly 100 million DKK (after the cup loss), a 10 DKK per share dividend would have represented a payout ratio above 100% of expected earnings. The cut therefore reflects prudence rather than distress, but it demonstrates how dramatically earnings can swing from year to year in this business.

On buybacks, PARKEN announced a DKK 30 million program in February 2025, authorised for up to 400,000 shares through December 31, 2025. In practice, this program was almost entirely unused. By Week 46 of 2025 (November), only 6,911 shares had been repurchased at an average price of approximately 128.58 DKK per share, for a total cumulative cost of just 888,608 DKK - under 3% of the authorised budget. No 2026 buyback program has been announced in public filings reviewed. The company held 105,689 treasury shares pre-program, representing about 1.07% of capital. Net share count has not meaningfully contracted.

Verdict: Neutral to shareholder-unfriendly. The dividend history shows willingness to pay when earnings are strong (10 DKK three consecutive years) but the steep cut in 2026 and negligible actual buyback execution signal that capital return is opportunistic rather than systematic.

11. Insider Activities

Primary source: Nasdaq Copenhagen / GlobeNewswire company announcements for PARKEN (ISIN DK0010237643). Finanstilsynet (Danish FSA) PDMR database searched as secondary source. Period covered: May 2025 to May 2026.

Context on ownership structure. PARKEN's insider and related-party landscape is unusually concentrated. Three major shareholders collectively hold approximately 73% of shares outstanding and three of them have representatives on the seven-member board:

• Erik Skjærbæk (Es-Parken ApS): 29.8%, board member
• Lars Seier Christensen (Seier Capital Denmark A/S): 22.55%
• Karl Peter Korsgaard Sørensen (KPS Invest A/S): 20.54%

Given this structure, movements by even one major shareholder could materially affect the free float.

Buyback (corporate action). The primary "insider buying" signal in the last 12 months is the company's own share buyback program announced February 4, 2025. As noted in Section 10, actual execution was negligible - only 6,911 shares purchased through November 2025 at approximately 128.6 DKK average. The program expired December 31, 2025. No 2026 program has been announced.

PDMR transactions from primary regulatory sources. After a genuine search of the Nasdaq Copenhagen announcement system and GlobeNewswire filings for PARKEN-specific PDMR notifications under EU MAR Article 19, no individual director or manager share purchase or sale announcements for the last 12 months were identified through these channels. Specific PDMR transaction data for PARKEN listed on Nasdaq Copenhagen could not be located in the primary regulatory disclosure database for this period. It is possible that individual PDMR transactions below disclosure thresholds occurred or that announcements are published through Finanstilsynet's system in Danish only and were not surfaced by the search tools available.

Board changes as governance signal. At the April 23, 2025 AGM, Sofia Arhall Bergendorff was elected to the board. At the April 28, 2026 AGM, the composition was reconfirmed and the remuneration report for 2025 was approved. No board member departures triggered an unusual pattern.

Net assessment. Neutral signal. The absence of confirmed open-market purchases by directors or major shareholders during a period when the share price was at relatively low levels (around 128-130 DKK in the spring 2025 buyback period) is not particularly bullish. The negligible execution of the company's own buyback, despite authorisation for up to 30 million DKK, suggests management did not view the share price as especially cheap relative to business prospects - or prioritised capital for Lalandia capex and player investments. The 70% dividend cut, while rationally defensible, is the most conspicuous capital return signal of the period: management chose to preserve capital rather than maintain an arbitrary DPS figure.

12. Scenarios

Bull Case

FCK, under Bo Svensson's long-term rebuild, restores domestic dominance in the 2026-27 season, wins the Superliga, and qualifies for the Champions League league phase for the fourth time in five years. This would reprise the 2025 dynamic: a single sporting outcome triggers an immediate 200+ million DKK guidance upgrade. Simultaneously, Lalandia Søndervig's Strandbyen apartments reach full rental occupancy as the 2026 tourist season benefits from early booking interest. German visitors, now familiar with the resort after a strong 2025 season, return at higher volumes and management develops targeted packages that close the ancillary spending gap vs. Nordic guests. The Copenhagen office property market stabilises, providing steady lease renewals. In this world, PARKEN in 2027 looks more like 2025 than 2026: record revenues from the CL tournament, profitable Lalandia expansion generating returns on the Søndervig capex, and a dividend that returns towards 10 DKK per share. The share price, currently reflecting a 75-125 million DKK pre-tax 2026, would re-rate sharply the moment CL qualification odds improve. The bull case here is not a structural transformation story - it is a sporting cycle recovery.

Base Case

FCK competes in the Conference League in 2026-27, earns modest European revenue, and focuses on rebuilding domestic competitiveness under Svensson. Superliga results in 2026-27 are mixed but FCK ends in the top three. Lalandia records steady growth - not another record, but solid 1-2% overnight stay increases as the Søndervig new apartments enter the rental pool. The German guest issue persists but is partially offset by new activity capacity at Beach Bowl. Full-year 2026 pre-tax comes in toward the upper end of the 75-125 million DKK guidance range. For 2027, FCK qualifies for Europa League, pushing guidance back to the 150-200 million DKK range. The dividend stays low (3-5 DKK) until a CL year restores earnings power. PARKEN grinds along as a solid but lumpy Danish leisure and sports holding, valued primarily for its Lalandia asset (which is predictable) while the FCK segment provides occasional windfall years when the sports cycle aligns.

Bear Case

FCK continues to struggle under Svensson - a manager returning to a market he has not coached in for over two decades, inheriting a squad that finished 7th. Domestic results in 2026-27 are below expectations; FCK fails to reach European play-offs and misses European competition entirely for the first time in years. The consequence: 2027 guidance would drop below 100 million DKK pre-tax, the dividend is cut further or suspended, and the UEFA coefficient slowly erodes, making future CL qualification harder to achieve. Meanwhile, Center Parcs opens its Nordborg resort and attracts a meaningful share of the Danish family short-break market, particularly from the Jutland catchment area that feeds Lalandia Billund. Lalandia's overnight stay growth flattens. The Søndervig expansion increases the fixed cost base without proportional revenue recovery if rental yields disappoint first-year owners who then reduce availability in the managed pool. The combination of a weak FCK, a Lalandia facing its first real premium competition, and a stretched balance sheet from the 2024-25 capex cycle would create meaningful pressure. The office properties provide floor support - their 1.9 billion DKK book value and stable lease income would prevent existential distress - but equity performance would be poor.

Sources consulted: PARKEN Årsrapport 2025 (GlobeNewswire, Mar 2026) | Q1 2025 Delårsrapport (GlobeNewswire, May 2025) | H1 2025 Delårsrapport (GlobeNewswire, Aug 2025) | Q3 2025 Delårsrapport (GlobeNewswire, Nov 2025) | 2026 Expectations Downgrade (bold.dk, May 2026) | 2025 Guidance Upgrade post-CL (fck.dk, Aug 2025) | Lalandia record stays (turistmonitor.dk) | FCK 2025-26 Season (Wikipedia) | Bo Svensson appointment (GlobeNewswire, Mar 2026) | Fitness DK sale (fck.dk) | FC Rosengård investment (fck.dk) | Dividend history (stockanalysis.com) | Share buyback program (GlobeNewswire, Apr 2025)